2015-07-07 06:21 ET - News Release
Viscount optionee begins phase 2 sampling
Mr. Jim MacKenzie reports
VISCOUNT PROVIDES EXPLORATION UPDATE ON CHERRY CREEK PROPERTY
Viscount Mining Corp. has provided an update on the continuing exploration activities recently completed at its Cherry Creek property, which is currently being explored by Summit Mining Exploration II Inc., a wholly owned U.S. subsidiary of Sumitomo Corp., under the exploration earn-in agreement. As previously announced on May 19, 2015, Summit has retained the services of Rangefront Geological Services of Elko, Nev., to begin an extensive soil sampling survey to collect approximately 1,500 samples.
Soil sampling program
The phase 1 soil survey was completed and a report was issued by Rangefront Geological. A total of 1,032 samples were collected and analyzed by a 51-element plus gold ICP procedure (ME-MS41 and Au-TL43) at ALS Labs Ltd. of Elko, Nev. The sample grid spacing is 75 metres by 75 m. At the end of May, 2015, the phase 2 sampling program was started in an area that extends to the west and covers the Doctor's Cut, and the Fillmore, Ticup and Geneva mines. This sampling campaign will collect an additional 466 soil samples, for a total of 1,498.
Geologic mapping and rock chip sampling
Contract geologists Dr. Jamie Robinson and Will Ostrenga started geologic mapping of the higher elevation carbonate units of the Swasey limestone, Wheeler shale and lower Marjum limestone. Rock chip samples are collected while geologic mapping is being conducted. To date, more than 175 rock chip samples have been collected and submitted for analysis and results will be reported later. The following points concerning geology in the mapped area are excerpts from the Summit activity report for May, 2015.
Mapping coverage starts along the Exchequer fault at the Fillmore mine and extends northeast along trend to the Black Metals fault. The carbonate section here is highly dissected by normal faulting, with two principal orientations of east-west (Exchequer parallel) and northwest-southeast (Al Ray Canyon fault corridor).
The Swasey-Wheeler contact exhibits widespread quartz stockwork and jasperiod quartz flooding. Carbonate bleaching and dissolution features are common along the contact and throughout the entire Swasey section.
Large open karsts (large dissolution cavities) are apparent in outcrop in the massive cliffs forming the north wall of Exchequer Canyon.
All of these features are indicative of hydrothermal fluid flow and fluid reactions with the carbonate rocks and along lithologic contacts.
Mapping at the Fillmore mine and Doctor's Cut indicates that the Swasey and Wheeler formations are much thicker than indicated on the Adair geologic base map of 1961.
The scientific and technical information contained in this news release has been reviewed by Dallas W. Davis, PEng, FEC, an independent consulting geologist who is a qualified person as such term is defined under National Instrument 43-101 -- standards of disclosure for mineral projects.
Pursuant to the company's stock option plan it has granted 100,000 stock options at a price of 20 cents per common share to a director and officer of the company. The option grant will vest immediately. As per the company's stock option plan, the options granted are exercisable until July 7, 2020. Grant of the options is subject to the approval of the TSX Venture Exchange.
We seek Safe Harbor.
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